This may sound dumb, but why not just put this additional security code in a bar code or QR code somewhere on the surface of the card to allow for the equivalent security using a camera to read the card?
Reading QR or other codes with a smartphone's camera is extremely cumbersome whereas swiping a mag-stripe is simple and reliable.
It would seem that with a small investment in a magnetic stripe writer and a plastic mould, any scammer could create cards that could fool an imprint swiper or magnetic stripe reader.
Further, wouldn't a signature make all of the above close to equivalent?
True, but still even easier to duplicate a QR code.
Signatures don't help very much since the fraudster can sign his own fake card. That's why more stores are asking to see drivers licenses which is annoying.